Dr. K. V. Srinivasan, the newly elected President of International Textile Manufacturers Federation (ITMF) in a release shared the findings of ITMF’s latest Global Textile Industry Survey. It revealed that weakening demand, inflation, geopolitical issues, raw material price volatility, steep increase in energy charges, shortage of labour and rising interest rates are the major root causes for the slowdown of the global textile industry.
Dr. Srinivasan’s recommendation to the Governments in India are to stall the shortsighted policies relating to raw materials, power, labour, and new investments until the industry revives. He has opined that one year moratorium for payment of loans, conversion of short-term loans into long term loans and extending additional working capital are some of the financial relief measures urgently required to prevent the textile units becoming NPAs and avoid closures throwing several lakhs of people out of jobs.